Bitcoin fell 67% and reached its lowest point in 18 months

Cryptocurrencies continue their downward trend; Bitcoin loses 67 % of its value from its all-time high to reach the lowest point in 18 months

The cryptographic market continues its downward trend, as evidenced by the loss of value of Bitcoin (BTC) this Monday, June 13, when it reached a value of 22,800 dollars, registering “a decline of 67 % from its historical maximum of November 2021, given the prospect of rising inflation and an imminent increase in interest rates by the Fed.”

With the fall in price, the main cryptocurrency registers a deterioration of 14 % in the last 24 hours, which exceeds the 55 % collapse registered last July 2021 when the currency went from 64,698 to 28,900 dollars.

The declining trend of bitcoin impacts the behavior of the market and the prices of other digital currencies, as well as the price of shares. Since the beginning of 2022, the cryptocurrency market capitalization decreased 50.66 % to stand at 963,768 million dollars.

Since February 2021, it is the first time that the value of digital currencies has fallen below a trillion dollars, while the Nasdaq index fell 2.4 % in the last 24 hours.

Bitcoin RSI decreases

The fall in the price of Bitcoin is impacting the indicator of relative strength of Bitcoin (RSI) which is at minimum values. Said indicator “compares the magnitude of profit days against loss days, with the objective of determining if the asset is oversold or overbought.”

Currently, the RSI of Bitcoin is the lowest in the history of the cryptocurrency at 43.7; while the market capitalization of the cryptocurrency decreased 11 % in 24 hours and stood at 450,000 million dollars.

When the value of Bitcoin is analyzed together with the other cryptocurrencies, it is observed that the marked depreciation “has produced a rebound in the dominance of that cryptocurrency, which has increased from 40 % to 47 % so far this year”, which indicates that despite the crisis in the Bitcoin market, it is strengthening against the other altcoins.

Bitcoin has lost 50.7 % of market capitalization in 2022 but the rest of the altcoins have retreated 60 %, according to figures from CoinMarketCap.

M. Rodríguez

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